ABSTRACT
This chapter examines the implications of Group of Seven (G7) interactions and outcomes for US power in global financial governance. The basic shared beliefs act as a frame of reference for the G7 finance ministries and central banks’ interactions, set the parameters for their collaboration on financial and monetary issues and provide the common ground for them to operate as a collective transgovernmental coalition. Overall therefore, the Group of Seven is a transgovernmental coalition. The Group of Seven’s consensual mode of operation, together with its informality, have produced a form of co-operation based on strategic signalling to other actors in an effort to convey the G7 consensus. The chapter assesses the overall contribution of the G7 finance ministries and central banks to global financial governance, and examines the collective authority they enjoy, how that authority is exercised and the implications of this for how we think about the contemporary financial order.
